How to become a Money Repellent, and using the concept of opposites - Australian Investment Education

The focus of this podcast is usually ways to attract money but this week we have something a little different. Join us as we discuss some of the things we consider to be money repellents and how you can avoid some of these.

Don’t Rely on Hope

People often say that things will get better if they just give it time without noting anything they should be doing to make it better. Good things come to those who take action and simply sitting back and waiting is a good way to ensure you do not progress. Host Andrew Baxter’s advice – get yourself set with a plan and specific action steps you can take in order to work towards your goal. The very first step is deciding what it is exactly that you want and then setting up your actions around that. A good start is planning out how you use your time and what exactly needs to get done to achieve your goals.

Benchmarking Against Others

The age of social media has brought a certain pressure on many people as they see people online living the life they think they want while they are stuck at work. No matter how much people have, we always find a way to wish for more or complain about what we haven’t got. Comparison is the thief of joy and sometimes it can give us skewed views of what we should be doing and how we should be spending our time. Host Andrew Baxter notes that a lot of what we see from other people online may just be very brief snippets or even total fabrications which do not at all reflect their way of life in reality. As a general rule, do not compare what you do or do not have against other people and continue working hard to achieve your goals over the long term rather than wasting your time and money in an attempt to impress others. Overall – be grateful for what you have and don’t worry about what other people are doing.

Habitual Spending Cycles

Our third major repellent is the concept of constantly spending and not living within your means. Host Andrew Baxter knows that it’s not necessarily about how much you earn, but more so about how much you keep. Frivolous spending is a common trait among many people, whether it be on hobbies or going out to eat. This is particularly prevalent in young people where there is a lot of pressure to travel and experience different things without being able to comfortably afford it. Host Andrew Baxter suggests more stringent saving habits to begin with to ensure you put yourself in a position to enjoy those experiences later, and then learning how to invest to put yourself in an even better position.

Result Based Goals 

Among those who are in a great financial position, the case is usually that it is not the money itself that they chase, but more so the journey to achieve their goals. Host Andrew Baxter suggests that as a general rule of thumb, if you can form goals around your identity it makes the goals all the harder to break. By aligning your identity with your particular achievement goals as opposed to simply wanting to be rich, you will put yourself in good stead to earn the money as a result. Overall, the shiny thing you want to achieve at the end can be the repellent if you are only fixated on it without setting goals that align with who you are.